Greece Says Plan To Repay €31.6bn Debt 10 Years Early

Athens has no intention of shifting the burden to the next generations.

Athens is going to fully repay by 2031 the first of three loan tranches allocated to Greece by the European Union countries and the International Monetary Fund (IMF) at the height of the European long crisis in 2010-2015. This was reported by Bloomberg, citing National Economy and Finance Minister Kyriakos Pierrakakis.

"The first important step will be the early repayment - 10 years ahead of 2041 - of the €31.6 billion left to repay from the first loan agreement with international creditors," the minister said. According to him, this is well in line with the schedule set by the government.

"We do not intend to shift this burden to the next generations," Pierrakakis emphasized.

The country managed to repay part of the debt in previous years. This was possible, among other things, thanks to the new fiscal policy and the fight against tax evasion, conducted by the government, notes the Greek TV channel ERT-News.

In 2010, Greece found itself at the center of the European debt crisis, which also affected Italy, Spain, Portugal and Ireland. This created the risk of the eurozone collapse.

To save the Greek economy, the European Union and the International Monetary Fund allocated a total of €280 billion to Athens from 2010 to 2015. Financial assistance was carried out under three loan agreements. The Greek authorities, in turn, committed to reforms and austerity, which repeatedly led to civil protests in the country.

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